Kingspan boss backs no-water wash firm
Kingspan CEO Gene Murtagh has emerged as a backer of Dublin-based waterless vehicle washing company No-H2O.
Filings just lodged with the Companies Office show that Mr Murtagh (pictured) invested €400,000 in the business last year.
The investment makes him the second-largest shareholder in the No-H2O after its founder, Emmet O'Brien.
Mr O'Brien has a background in motor racing and established No-H2O in 2007.
The wash service uses a biodegradable liquid cleaner, and the company provides a mobile wash and valet service, as well as static locations in premises such as car parks.
It also has a corporate customer base, supplying clients including Hertz, An Post and Europcar with cleaning products.
In 2014, Mr O'Brien acquired the global intellectual property rights for the cleaning system.
The first franchise was established in 2015, in Dubai.
A second was established in 2016 in Czech Republic. It also has a number of franchise operators in Ireland.
The company has also signed distribution agreements with retail outlets in the UK, Czech Republic and Slovakia, Australia and New Zealand.
Mr O'Brien told the 'Sunday Independent' this year that his company was on track to generate turnover of €1.2m, with 85pc of that coming from exports.
No-H2O made almost €150,000 in profit last year.
Mr Murtagh's investment in No-H20 is thought to have valued the business at about €2m.